The Hindu Business Line : Public sector banks get additional EDs

New Delhi June 6 The Finance Ministry on Wednesday strengthened the top management of six public sector banks by appointing an additional executive director in each of these banks.

These six additional EDs were hitherto general managers in various PSBs. The PSBs where the second ED has been appointed are Punjab National Bank (PNB), Canara Bank, Bank of India (BoI), Bank of Baroda (BoB), Union Bank of India (UBI) and Central Bank of India. The Government has also appointed executive directors in Indian Bank and UCO Bank to fill in the vacancies caused by the promotion of hitherto existing EDs to the posts of Chairman and Managing Director.

Official sources said that the six additional EDs were appointed in the wake of increased business turnover, branch network and complexities in banking transactions.

"There are public sector banks whose business turnover in the last three decades has grown from about Rs 30,000 crore to nearly Rs 2,50,000 crore. Such banks find it difficult to function under one CMD and one Executive Director," the sources added.

The law governing the functioning of PSBs has been amended to allow for up to three EDs for certain banks.

Appointment criteria

The criteria adopted by the Finance Ministry for the appointment of these six additional EDs are PSBs with business turnover of at least Rs 1,00,000 crore and branches of about 2,000 or more as on March 31, 2006.

While Mr J.M. Garg, hitherto General Manager at Indian Bank, has been appointed as ED in PNB, Mr T.Y. Prabhu, who was General Manager at Canara Bank, has been elevated as ED in UBI.

Mr Albert Tauro, who was General Manager at Canara Bank, is now ED at Central Bank of India. Mr D.L. Rawal, who was General Manager at PNB, has been promoted to the post of ED at Canara Bank. Mr A.D. Parulkar, who was General Manager at BoB, is now ED at BoI.

While Mr Satish Gupta has moved from BoI as General Manager to BoB as ED, Mr V.K. Dhingra, who was General Manager at UBI, has been appointed as ED at UCO Bank. Mr A. Subramanian, who was General Manager at OBC, has been appointed as ED at Indian Bank.

More Stories on : People | Public Sector Banks

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Strong rupee is cause for concern: Karnik

Rupee weakens by 14 paise

`Core banking has not made much difference in banking system'

Micro insurance offers new ways to combat poverty

Oracle offers back-office tool for coop banks

HDFC plans offering reverse mortgaging

APSFC plans one-stop-shop for financial services

Bond prices fall on profit booking

Call ends low at 0.2-0.3%

NHB working with insurance cos for `mortgage assurance'

Public sector banks get additional EDs

Narayanasami takes over as BoI chief